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Union Cabinet cleared NDIAC Bill, 2019 on institutionalised arbitration

Last Updated: June 16, 2019

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Union Cabinet cleared NDIAC Bill, 2019 on institutionalised arbitration

Union Cabinet cleared NDIAC Bill, 2019 on institutionalised arbitration

16 June 2019 Current Affairs:

The Union Cabinet has cleared the New Delhi International Arbitration Centre (NDIAC) Bill, 2019, which provides for setting up of an independent and autonomous body for institutional arbitration.
It also aims to acquire and transfer the undertakings of International Centre For Alternative Dispute Resolution to New Delhi International Arbitration Centre (NDIAC) with effect from March 2 this year.
The Bill provides to replace and repeal the NDIAC Ordinance, 2019.
The proposed New Delhi International Arbitration Centre is headed by a chairperson, who has been a judge of the Supreme Court or a judge of a high court or an eminent person, having special knowledge and experience in the conduct or administration of arbitration.

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